THE ROYAL BANK OF SCOTLAND APPOINTS HEAD OF INFLATION LINKED RESEARCH

1st September 2005

The Royal Bank of Scotland (RBS), Financial Markets has today announced the appointment of Mark Capleton as Head of Inflation Linked Research.

Mark has worked on both the buy and sell side during his 24-year bond market career, including the establishment of the inflation linked research team at Barclays Capital. He joins RBS from Morgan Stanley where he was Head of European Interest Rate Strategy.

He will be based in London and will report to Kevin Gaynor, Head of Economic and Rates Research and Charles Harris, Global Head of Inflation Trading.

Commenting on his appointment Kevin Gaynor said: "Mark brings a wealth of bond market knowledge to RBS. His experience and client franchise represents an important further step in attaining our ambition of being the global leader in inflation trading."

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